Cargo Compartment Latches Market Forecast and CAGR
According to latest research by Fact. MR, the global market of cargo compartment latches is expected to expand at a steady CAGR of 5% to 7% during 2021-2031. These latches are deployed in cargo freight and containers and are generally used for the purpose of holding the freight in place. The global market experienced a slump in 2020, however it is expected to recover at a steady pace throughout 2031.
What is Driving Demand for Cargo Compartment Latches?
The increase in air connectivity throughout the world has impacted the global cargo compartment latches market positively. The high dependence on air cargo facilities mainly because of its prompt operation time, reliability and huge holding capacity is further expected to spur the sales.
The constant development in technology by the manufacturers has resulted in improved and efficient latches. The advanced locking system along with the inclusion of locksets has made it convenient for the user. With the development of the new lockset feature, the cargo compartments can now be locked using a single key code for all the lock locations.
This ensures reliability and safety. These new latches make sure that the compartment doors do not open up during the flight operations. These features are projected to propel the global market.
Fixed Wing Aircraft to Witness Highest Growth
Fixed wing aircrafts consist of freight aircraft and cargo jets that are either converted or specially designed to carry cargo instead of passengers. These airplanes are specially designed with a tall body to accommodate the cargo near the ground.
Along with this fixed wing aircrafts have numerous wheels which aid the aircraft to land at uneven locations and a high mounting tail which allows for easy access of cargo. These features have helped fixed aircraft to gain more prominence in the market. This in turn is expected to bolster the demand for cargo compartment latches in these aircrafts.
North America Cargo Compartment Latches Outlook
US is estimated to be one of the major markets for cargo compartment latches owing to the growing demand of air cargo in the region. US is projected to experience a substantial growth due to the strong presence of end use industry. The technological developments and innovations in the aviation industry is expected to boost the demand for cargo compartment latches.
The COVID-19 outbreak had a negative impact on the freight transport and cargo container markets in recent months, and the situation is expected to worsen over the year.
To avoid the transmission of infections, countries have placed stringent travel norms and cargo movement limitations, which has severely harmed global exports and imports. However, with demand for items such as personal protective equipment (PPE) remaining high during the pandemic, air freight prices are likely to remain high in the near future.
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Asia Pacific Demand Outlook for Cargo Compartment Latches.
The aviation industry is constantly expanding in the Asia Pacific region. One of the major contributing factors is the increased air connectivity in the region. The governments are taking steps to promote and utilize air trade. In countries like China, the aircraft manufacturing companies are investing in R&D to develop new and advanced airplanes. The increasing population and the high requirements of imports is also likely to boost the demand. This is expected to bolster the sales of cargo compartment latches in the Asia Pacific region throughout 2031.
Who are the Key Manufacturers and Suppliers of Cargo Compartment Latches?
The market for Cargo compartment latches is highly consolidated, with key players constituting of the major share of the market. Some of the leading players in the market include Inteva Products, Adams Rite Aerospace Inc., Ancra aircraft, Lisi aerospace, Hartwell Corporation.
The growth in aftermarket sales and services is expected to help the companies increase their consumer base as well as their global footprint. Additionally, manufacturers are concentrating on the advancement of new technologies and mechanisms to improve the efficacy of locking mechanism of latches. Emerging technology, such as dual side operation of latches and change in design are among the strategies adopted by major players to stay ahead in the competitive landscape.
An Adaptive Approach to Modern-day Research Needs
Cargo Compartment Latches Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
- Fixed wing aircraft
By Sales channel
- North America (U.S., Canada)
- Latin America (Brazil, Mexico)
- Europe (Germany, Italy, France, U.K., Spain, BENELUX, Russia, Nordics)
- East Asia (China, Japan, South Korea)
- South Asia and Pacific (India, ASEAN Countries, Oceania)
- Middle East and Africa (GCC Countries, Turkey, Northern Africa, South Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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